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Questions and Answers
What is the final stage of the invoice lifecycle?
What is the final stage of the invoice lifecycle?
- Draft
- Open
- Paid (correct)
- Voided
What is the purpose of voiding an invoice?
What is the purpose of voiding an invoice?
- To delete the invoice
- To edit the invoice
- To make the invoice uncollectible
- To maintain a paper trail (correct)
What is the best way to remove a draft invoice?
What is the best way to remove a draft invoice?
- Void it
- Make it uncollectible
- Pay it
- Delete it (correct)
Study Notes
- An invoice goes through five statuses: draft, open, paid, voided, and uncollectible.
- Draft invoices are still editable, but remain unsent.
- Open invoices are the first stage of the invoice lifecycle, and the invoice is awaiting customer payment.
- Paid invoices are the final stage of the invoice lifecycle, and the invoice is ready for shipping.
- Voided invoices are conceptually similar to deleted invoices, but maintain a paper trail.
- Uncollectible invoices are invoices that are unlikely to be paid.
- You can delete a draft invoice at any time.
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Description
Test your knowledge of invoice statuses and their meanings in the invoice lifecycle. Learn about draft, open, paid, voided, and uncollectible statuses, and what each status represents in the context of an invoice.
